A Real Estate Attorney in Sanford NC Explains Disclosure Requirements

A real estate attorney in Sanford North Carolina is familiar with all aspects of the buying and selling process for real estate in North Carolina.  A real estate attorney in Sanford NC can explain what disclosures are required to be made by law and can represent an affected party when these disclosures are not made.

For all real estate transfers in North Carolina, the seller is required to submit a Residential Property and Owners’ Association Disclosure Statement.  This form is used to document known conditions and material defects of the property.  The broad nature of the disclosure is meant to compel sellers to reveal to potential buyers the issues that the seller is actually aware of in the home.  This may be a bad roof, a problem with radon exposure, leaks in the basement, issues with the water supply or other issues.  By properly disclosing these defects, the seller can ensure that the buyer makes an informed decision about the property and avoids litigation in the future.

The disclosure is only related to those defects that the seller has actual, and not constructive, knowledge of.  This means that the seller has actual information about a particular condition.  The seller is under no obligation to inspect the property to reveal conditions of which he or she is not aware.  However, the buyer is free to hire a home inspector to perform a check for him or her.

If the seller does not provide this disclosure at the time required by law, the buyer can rescind the offer within three days of actually receiving the disclosure.   Additionally, North Carolina law allows the seller to hire an inspector to prepare a report on his or her behalf.